Entries tagged with “ProPay”.

So you’re starting up your small business – great! You most likely have everything figured out by now – the products, the market, the consumer. What are you missing? Well, few businesses give their payment processor choice the same level of decisional effort as their other major business decisions. You should rise above your competitors and understand the true effect of finding the right payment processor for your small business.

According to the Small Business Association, there is a trend of increasing credit card processing fees that are reaching 3.4% of your transactions. This is huge since, combined with your Merchant Account, you could be paying up to 5% or more on every transaction – just in fees. Yes, these kinds of payment processors offer versatile systems which quickly give you the processing services you need. They also usually accept all of your customers’ credit cards – so in a sense, you’re paying for convenience. Most business owners would simply swallow this logic and pay up – attributing quality gained as compensation for these sharp fees.

However, according to the SBA, there are special payment processors who specialize in offering small businesses super small “…processing fees ranging from 0% to 0.36%.” So, maybe your competitors have the state of the art payment processors – but if you do your due diligent research and find one of these special payment processors – then you’ll make more profit than your competitors.

Contact us today to learn more about our transparent, inexpensive processing fees for your business!

If you’re running a small business or planning on starting one – you should consider choosing the right payment processor for your consumer transactions. According to an article by IT Business Edge, there are a few things you should note when choosing a payment processor.

One of those things is not having too many! You want to balance the pros and cons of multiple versus singular payment processors. For example, if you utilize only one payment processor, it may effectively block out some consumers because their preferred payment method is not supported by that payment processor. On the other hand, if you have multiple payment processors, the article says, “each vendor relationship costs time and money. It’s usually more cost-effective and efficient to use a full-service service payment provider who can process all payments… and using all methods.”

Another thing mentioned in the article is to input your customers’ payment type right into your accounting sheets, next to their transaction. Why? It makes for minimization of errors when it comes to auditing and compliance procedures.

Most importantly, now that everyone is using their phone for everything – offer mobile payments. The article stresses that since mobile technology is increasing, and people are relying more and more on their smartphones to do everything for them – like shopping, googling, and emailing – you should logically offer mobile payments.

To learn more about finding the right payment processor for your small business, Contact us

An ongoing attack into corporate America has been trying to infiltrate more than 100 mostly pharmaceutical and health care companies in one of the latest examples of cyber security breaches regarding financial data. This time, the goal is not to take money, but instead to take information. The objective is market-moving information about publicly-traded companies that can be used for a different kind of crime – insider trading.

Cyber security firm Fire Eye recently disclosed the operation, telling Reuters that the hackers were very specific in their method of attack: They targeted only people with access to inside information that could be used to make profitable trades before that information became publicly available.

While Fire Eye declined to disclose the identities of specific victims, the firm says victims include corporate advisors, investment bankers, attorneys, investor relations firms, and others that could have access to corporate information. Fire Eye acknowledges that information has been compromised, but the firm says it does not know whether any trades were made using that information. Fire Eye calls the group “FIN 4” because it ranks number 4 among the large, financially motivated groups that Fire Eye tracks. Fire Eye has already reported the group to the FBI, though the bureau is not commenting on FIN 4 for now.

FIN 4 doesn’t operate by infecting corporate computers with malware. Instead, its hackers steal e-mail account passwords. Using those compromised accounts, the hackers then send phishing e-mails to try to gain inside information. Fire Eye says that FIN 4 covers its tracks by using Tor, a service that masks the location of Internet users.

“They are going after the weakest link in the security chain, people,” Kevin Westin, a security analyst for threat detection firm Tripwire, told Top Tech News. “Given the targets and the data compromised you could call this white collar cybercrime because the goal appears to be industrial espionage.”

Strict password protocols are a must for thwarting hackers seeking inside information. Employees should be required to have different and distinct passwords for each web service they use from the company. Corporations should also consider two-factor authentication, which would require users to enter a second code provided by text message or on another device, such as an authentication device that changes passwords each time it is used. And employees should be trained on phishing tactics that could be used to procure sensitive business information. To learn more about how to make your business more secure, contact us.

A major mail courier was recently the victim of a cyber security breach. The breach effected both employees and customers. The cyber criminals stole data that can potentially be used for identity theft.

It’s important that people are aware of this episode of data breach. Although there’s no evidence that the data was used maliciously, there’s still a cause for concern.

This case is just another reason why businesses should take additional steps to protect their financial data. According to recent article, the reason for the data breach was the mail courier’s employees weren’t following protocol regarding network security.

This means that it’s possible that the security breach could have been prevented. Managers aren’t the only ones who have to worry about cyber security. It’s a company-wide issue.

Cyber security works on two levels. First, businesses need to invest in the proper equipment to protect their network and data and prevent security breaches. Without the right infrastructure, businesses are putting their data at risk.

But even if businesses purchase the best equipment, it won’t mean anything if employees aren’t trained in cyber security. Businesses have to establish a strict cyber security policy and train their employees how to protect business data.

The mail courier is now conducting an internal investigation to find out what exactly caused the breach. Your business can avoid all of this by investing in cyber security and training your employees.

To talk more about how to prevent cyber security breaches, please contact us.

The number one best solution to fraud prevention for small businesses is an anonymous tip hotline. A recent study conducted by the American Institute of Certified Public Accountants (AICPA) showed that 59 percent of forensic accountants believe internal whistle-blower hotlines are the most useful investment a business of any size can make to deter fraud.

What is a tip hotline?

A hotline is a safe place that people can call to report violations about your company practices or employees. The Association of Certified Fraud Examiners (ACFE) recommends EthicsLine for confidential reporting 24 hours a day, year-round. Other companies such as Fraud Hotline offer yearly packages for small businesses and non-profit organizations for $500 or less.

Why is a tip hotline important?

Since the Sarbanes-Oxley Act of 2002, public companies must implement fraud reporting to be compliant with federal regulatory requirements to receive and track complaints. Private companies are utilizing them as well as an inexpensive and effective method for preventing fraud.

Not only does a tip line show fairness in an organization, it can help a company defend against lawsuits. Implementations of tip lines have been shown to diminish the time of existing fraud schemes by 50 percent or more. According to a 2012 ACFE study, almost half the tips come from employees, but another 17.8 percent come from customers. Vendors and anonymous callers make up the next largest reporting segment with 25 percent of the reporting between the two of them.

What should you look for in a tip line?

Shopping around and finding the best fit for your business is key. There are many questions to ask:

-Does the organization need multilingual services?
-Does the tip line need to be 24/7/365, or can it match business hours.
-Will there be toll-free operators, or message systems?
-Can input be accepted by email or fax?
-Is there case management, and resolution of each report?
-Is there a location where someone can speak to a live person?
-Will there be anonymity? (Studies show lack of anonymity affects peoples’ willingness to report.)

Although tip lines that include in-person services and case management cost significantly more than web or cloud-based options, they’ve been shown to strengthen a company’s legal standing in the event of a lawsuit.

Every organization decides what sort of tip line works best for them. However, even if the company chooses to start small, having any tip line is better than having none at all.

Contact us for more information on preventing fraud.